The Columbia-based SCBT Financial Services announced last week that it completed its merger with First Federal Bank, held by First Financial Holdings Inc., and will operate as First Federal, a Division of SCBT until conversion is completed in mid-2014. The merger is expected to cost $24-30 million and will generate about 30 percent cost savings by the end of the year, the company said in a conference call.
The merger brings together South Carolina’s seventh- and eighth-largest banks to create the state’s fifth-biggest bank. Combined assets will total $3.3 billion, and combined revenues about $15.8 million. The name of the company changes from SCBT Financial Corporation to First Financial Holdings Inc., but the company’s common stock will continue to trade under the symbol SCBT on the NASDAQ market.
Figures in an earnings release for the quarter ended June 30 showed SCBT’s asset health improved, with nonperforming assets down $7.7 million.
